Adam Pipenhagen, CPA - Affordable Financial Services

07/13/2022

: People should know if their pastime is a hobby or a business http://ow.ly/3PMQ50JQWZf

12/14/2021

Are you curious how virtual currency is treated for tax purposes?

💡The IRS considers virtual currency as “property” and is treated as a capital asset for tax purposes. This means that you will either recognize a short-term* or long-term* capital gain or loss, which could be caused by selling or exchanging your virtual currency.💡

🔹 *Short-term gain/loss on property held less than 1 year is taxed at ordinary rates (10-37%)
🔹*Long-term gain/loss on property held more than 1 year is taxed at preferable LTCG rates (0-20%)

If you have invested in cryptos this year and are unsure how to properly reflect it in your taxes, comment or send me a message and we’ll be happy to help!

11/22/2021

: Donations of up to $600 made by check, credit card or debit card made before Dec. 31, 2021 are easily deductible when you file taxes in 2022. See details at https://t.co/AIJEvC8dBp https://t.co/LqobcIgVNw

11/16/2021

: Teachers can deduct out-of-pocket classroom expenses including COVID-19 protective items.

COVID Tax Tip 2021-169, November 16, 2021

10/05/2021

For Individuals that extended your tax return - don't forget about the deadline on October 15th! Let me know if you need help.

09/03/2021

⚠️ Have you received the monthly IRS Advanced Child Tax Credit (ACTC) Payments and are curious how it might affect your tax return? ⚠️

Congress increased the child tax credit for 2021 to $3,600 (under age 6) and $3,000 (ages 6-17). The IRS will send half of the credit in 6 monthly payments, and the other half will be claimed on your 2021 tax return.

If you are unsure whether you will qualify for the ACTC payments for 2021, message me and I’ll be happy to answer any questions.

Check out the IRS website for additional information and tools to check eligibility and manage your payments:
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021